Good morning, Coin Discoverers!

CRYPTO

• BTC: $61,166.70(+0.38%)YTD (+38.47%)

• ETH: $2,663.24(+2.02%)YTD (+13.20%)

• BNB: $531.24 (+1.47%)YTD (+69.24%)

*Crypto numbers as of 5:00 am EST on August 12th

Crypto.com and Gemini join Coinbase in opposing a CFTC proposal that could potentially prohibit prediction markets

A proposed rule change by the U.S. Commodity Futures Trading Commission, which could jeopardize prediction markets like the rapidly-growing Polymarket in the U.S., has faced opposition from companies such as Gemini, Crypto.com, Robinhood, and Coinbase, as well as notable figures like influential blogger Scott Alexander.

Crypto.com SVP Steve Humenik also submitted a comment, arguing that the CFTC should avoid overstepping its authority. In his letter, he notes, 'Congress could have easily specified, 'the following types of event contracts are prohibited,' but it chose not to.

Introducing the Cryonics Company Preserving Bitcoin Pioneer Hal Finney’s Body

When computer scientist and Bitcoin pioneer Hal Finney passed away in 2014 due to complications from ALS, his body was cryopreserved by the Alcor Life Extension Foundation, based in Scottsdale, Arizona. For many in the life extension and transhumanist communities, cryopreserving the body offers the hope of achieving a form of immortality, with the potential to be revived in the future once a cure for their cause of death is discovered.

Arrowood pointed out that Finney is among those suspected of being Satoshi Nakamoto, the creator of Bitcoin, and remarked that losing his brain would be a great loss to humanity.

Atari Brings Back Its Classic 'Breakout' Game on Ethereum Layer-2 Base

Legendary game publisher Atari returns with an updated version of a classic, bringing the 1976 game Breakout to Coinbase's Ethereum layer-2 network, Base.

During Base's 'OnChain Summer,' players can compete for top spots on the Atari Breakout leaderboard. High scorers will have the chance to win weekly prizes, including a retro 2600+ game console, gift cards, and more.

Ripple Issues Warning About Increasing XRP Scams Following Legal Ruling

Ripple has warned its community about an increase in scams targeting XRP holders following the recent court ruling on August 9. The company, which was recently fined $125 million for securities law violations in over 1,200 sales, has seen scammers exploit the situation. Ripple is advising users to remain vigilant.

Ripple also highlighted potential scams involving its RLUSD stablecoin, which is currently undergoing testing on the XRP Ledger and Ethereum mainnet. The company clarified that RLUSD is not yet licensed, and any claims of early access are fraudulent. Ripple urged its community to rely only on official sources to avoid falling victim to scams.

STOCKS

• DOW: 39,497.54(+0.13%)

• S&P: 5,344.56 (+0.47%)

• NASDAQ: 16,745.30 (+0.51%) 

*Stock numbers as of market close on August 9th

U.S. Investors Turn to Money Market Funds Amid Concerns About Economic Slowdown

In the week ending August 7, U.S. investors significantly moved into money market funds, pulling back from riskier assets amid a stock market sell-off driven by concerns about an economic slowdown.

According to LSEG data, investors channeled a substantial $47.48 billion into U.S. money market funds during the week, marking the largest weekly inflow since April 3. At the same time, they sold off $7.39 billion in equities, ending a three-week streak of buying.

Leveraged Funds Reduce Yen Net Short Position Due to Carry Trade Unwind

Data released on Friday by the U.S. Commodity Futures Trading Commission and LSEG revealed that leveraged funds' net short position on the Japanese yen has decreased to its smallest level since February 2023.

The net position for leveraged funds—such as hedge funds and commodity trading advisors (CTAs)—was short by 24,158 contracts, down from a net short position of approximately 70,000 contracts the previous week.

REAL ESTATE

• 15-year: 6.07%

• 30-year: 6.54%

*Mortage rates via Mortgage News Daily

Simple and Uneventful Session Marks the End of the Correction

Bonds have been in correction mode for most of the week, with Monday morning being a notable exception due to the unwinding of the Yen carry trade. Despite this brief uptick, bonds had lost all gains by the end of Monday and continued to decline through the conclusion of the Treasury auction cycle yesterday.

Today appeared to be the day with the greatest potential to end the correction, and indeed it did. Although Monday's initial volatility was a significant disruption, the overall trend has been relatively logical. If this pattern continues, the next significant movement in the market is likely to be influenced by Wednesday morning’s CPI data.

TECH

Microsoft and Palantir to Enhance AI Capabilities in Defense and National Security

Microsoft and Palantir announced a partnership aimed at advancing the national security capabilities of U.S. defense and intelligence agencies through AI, marking a first for classified systems.

Palantir, a data analytics firm renowned for its software platforms that enable organizations to integrate and analyze large, complex datasets, will now collaborate with Microsoft. This partnership will integrate Palantir's technologies with Microsoft's Azure cloud computing services, incorporating advanced language models such as GPT-4 from OpenAI.

QUICK RECAP

#1. Mahindra & Mahindra and Shaanxi Automobile Group plan a $3 billion joint venture for a car plant in India, pending approval.

#2. Canada's Algonquin Power & Utilities (AQN.TO) will sell its renewable energy business, excluding hydropower, to LS Power for up to $2.5 billion.

#3. Rheinmetall expects up to €25 billion ($27.27 billion) in orders from Italy for a tank venture with Leonardo,

#4. The investment firm owning Les Schwab Tire Centers is exploring a sale that could value the chain at over $7 billion, including debt.

#5. Uniper (UN0k.DE) set aside $3.8 billion, signaling potential re-privatization of Germany's top gas importer in 2025.